I really doubt there is a more stable and lucrative economic environment in North America than Calgary would be if we didn't have a team at the moment. Perhaps somewhere in Ontario...but the money you'd have to pay the Leafs would be halfway to what the arena would cost.
Some American city might pay for your arena...but good luck in 5 years when you're team sucks, nobody gives a crap, and you're deep in the red. The Flames bring a lot of positives to Calgary, but the whole threatening to leave for better scenarios is pure BS.
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